America Must Free Itself from the Tyranny of the Penny
America Must Free Itself from the Tyranny of the Penny
Few things symbolize our national dysfunction as much as this accursed coin, which we mint by the millions because it’s too worthless to spend.
The penny works but people no longer use it for rounding and just wind up with more and more pennies. Back in the day cashier would ask for something ending in an 8 so you hand over dollars and 3 extra pennies, change winds up on a 5, get a nickel instead of 2 more pennies. That is why the penny exists, not to buy things with pennies but to round to the next useful coin. Cashiers often look like a deer in headlights if they ask for 2.49 and you give them 5.04, bygone era
The other day I paid with a $20 bill and two ones for a $12 item so I can get a whole $10 back instead of more ones. The cashier mindlessly saw the $20 as a $10 because it’s so exceedingly rare for someone to intentionally overpay to control excess change. After that, I stopped doing it.
I've found the trick is you have to say "Here's $22 dollars" out loud to them.
That cashier wasn’t patient attention. Your technique is fine.
I genuinely didnt follow that, first time ive been too yung to get something
Back in the day you did the math in your head and gave back change. If there’s a line, it’s easier and faster for you to pay a few cents extra so that the cashier can give you back a single nickel instead of multiple pennies. This is really about how many physical actions you need to take.
Canada stopped minting pennies ages ago because the metals used to make a penny were worth more than the penny itself
the metals used to make a penny were worth more than the penny itself
Is that where the value comes from?
No, seriously. When you spend a penny - it's gone. Right? So it's wasteful to mint a penny that costs more than one cent.
And? That’s true of most coins. It’s probably true of the bills as well.
It’s probably true of the bills as well.
Just FYI you can look up stuff like this at no cost. It's not even close to being true. A Canadian polymer banknote costs about 20 cents to manufacture and the smallest denomination is $5. Coins cost a few cents to make (even $2 ones). It's just the penny that lost so much of its value over time that it costs more to make than its worth.
Meh. I don't remember the last time I handled cash - never touch the stuff. I don't even have to swipe anymore...contactless tap ftw.
Well except that if you are doing it with cards you have to worry about being skimmed. Here in Canada they have chip and pin but guess who gets stung with purchases 4 out of 5 times when it happens because it doesn't ask for the pin all the time.
Now if you do it through a smartwatch, phone, or some other device that can't be skimmed when it isn't being used, then that is the way to do it.
Thanks for this great article. For those who are paywalled you can read it using Archive.IS https://archive.is/20240901230552/https://www.nytimes.com/2024/09/01/magazine/worthless-pennies-united-states-economy.html#selection-1851.0-1885.810